Suppose there is indisputable statistical evidence tha trading stocks in a portfolio based on price "momentum" will be 0.05% greater than that of a portfolio passively invested in an equity index. Which one of the following best describes an argument that Burton Malkiel might use to argue against the idea that this evidence disproves the Efficient Market Hypothesis. This proves only that the stock market violates the weak form of the efficient market hypothesis and does not disprove the semi- strong form of the EMH. After trading costs are considered, the outperformance does not exceed the passive investment strategy and, thereby, is not economically exploitable. Tim Price insists that the efficient market hypothesis is "not to be respected." The benchmark used to assess outperformance does not incorporate Fama and French's small-minus-big (SMB) risk factor